CEDAR EDUCATION CONSOLIDATION REVIEW
The purpose of consolidation loans is to absorb multiple loans under the single and unified umbrella of one loan. The greatest benefit of consolidating is in the aggregation of multiple monthly payments into a single monthly payment. There is no guarantee that consolidating multiple loans into a single loan will bring down the interest payment, or safe the borrower money in the long haul, but because the old terms in all the old loans are reset, all of this becomes negotiable under the controlling terms of the new consolidated loan.
WHAT IS CEDAR EDUCATION CONSOLIDATION?
In July of 2011 ‘Cedar Education Lending’ launched, full steam ahead, into the Private Student Loan Consolidations market and became the bell of the ball. While continuing to successfully offer private educational loans, Cedar Education has taken advantage of, the more than, $17 billion in outstanding individual private student loans with extremely high interest rates and began targeting this indebted group, and in less than 3 months created more than fifty million dollars in new business.
WHAT DOES CEDAR EDUCATION CONSOLIDATION OFFER TO INDEBTED STUDENTS?
Cedar Education offers students, and former students, an opportunity to consolidate their student loans into manageable payments while likely lowering their interest rates. Cedar Education addresses these issues by:
- Consolidating student loan debt anywhere from $7,500 to $125,000 for undergraduates ($7,500 to $175,000 for graduates)
- Interest rate ranges from 4.75% to 7.25% (ranges from prime are +1.5% to Prime +4%)
- The opportunity to join a 15-year repayment plan without early-payoff penalties
- Providing an Interest-Only Repaying Plan for up to 4 years
- Can release Cosigner after 12 consecutive on-time principle and interest payments
- Requires only $2,000 gross per month in steady, consistent, income to qualify
- Origination fee is 1%
WHAT DOES CEDAR EDUCATION REQUIRE FROM YOU TO APPLY?
- The name of your educational institution
- The current total amount that you owe in individual private student loan debt
- Your contact information
- Your social security number
- Your driver’s license number
- A cosigner (unless you regularly gross $2,000 a month)
Keep in mind that if you request more money than you make in the year, Cedar Education will likely turn you down without a cosigner.
WHAT IS CEDAR EDUCATION’S MISSION STATEMENT?
- In dealing with financial loaning institutions, finding a company that operates with the highest standards of ethics is a goal so often thought unattainable that people barely spend any time thinking about it, despite the fact that everyone wants to deal with ethical institutions.
- According to Cedar Education Lending’s website, however, it prides itself on its transparency and evaluates its customers behind a veil of ignorance that provides each potential client with same standard of care it provides everyone else.
Although Cedar Education boasts about its ethics, a claim impossible to fact check, its ability to help students surgically remove massive amounts of debt from their backs is impressive. Cedar Education Lending has helped a large number of people transfer loans coupled with extremely high variable interests into more friendly and easier managed consolidation packages, providing a great deal of relief, to otherwise burdened graduates.